IRA Capital is expanding its footprint in Orange County, with the recent acquisition of a 450,000 square foot office campus in Irvine. According to public records, IRA Capital purchased the Von Karman Creative Campus (VKCC) for $100 million, or about $222 per square foot. The seller in the transaction was Chicago-based EQ Office.
The property is located at 16715-16969 Von Karman Ave. and consists of nine office buildings on 24 acres of land, according to a former leasing brochure for the property from CBRE. The brochure shows that the campus also features various onsite tenant amenities, including two dog parks, a fitness center, meeting spaces, various dining options and more.
The property is located within the Irvine Business Complex, which is home to various companies as well as a number of off site retail and dining amenities. The Irvine Business Complex also maintains easy access to Interstate 405 and the John Wayne Airport.
EQ Office was founded in 1976 and is a portfolio office company that is wholly owned by Blackstone’s real estate funds, according to the company’s website. While based in Chicago, the company’s portfolio consists of several properties in Orange County, as well as Los Angeles, San Diego, San Francisco, Seattle and other locations.
IRA Capital is a private equity firm that was founded in 2010. The company is headquartered in Irvine and has acquired more than eight million square feet of commercial real estate across 30 states.
The company has been active in real estate transactions across Southern California, with recent deals over the past several months.
In one deal that was announced earlier this month, IRA Capital sold the 157,322 square foot Poinsettia Plaza in Ventura for $66 million, or about $419 per square foot. The shopping center is located at 4220-4360 E. Main St. and 4687-4731 Telephone Road, and is occupied by various tenants, including Ross, Office Depot, Petco, FedEx and Lamps Plus.
